Raptor,
That's just it, I don't think anyone here is suggesting these events do make money. Part of my argument would fall down if they did.
Several years ago, here in Melbourne, our state gov't paid Bernie Ecclestone mega millions for him to include us in his Formula One Grand Prix circuit. He owns all the rights and I think is on the 10 richest men in the world list. Guess what? The event loses money every year and yes, the taxpayers have to pick up the tab. Up on the Gold Coast in Queensland they did a similar thing to get a round of the Indy car racing. Guess what? Yeah, same deal.
Back to Melbourne. In 2 years time we have the Commonwealth Games. The feller in charge of organising our "in the red" grand prix is also the money organiser for our Comm. Games. Things don't look good.

JG/FME.